This report is read as follows:
The company's subsidiary run six feet of strong card capacity is expected to establish a computing leasing barrier, with this business to open the company's second growth curve, coupled with the wind power flange leader, superimposed 2023H2 sea breeze start-up certainty is high, revenue growth will exceed expectations.
Main points of investment:
Maintain the overweight rating. The company is actively laying out the computing power leasing business. It is estimated that the company's revenue from 2023 to 2025 will be 30.59 plus 50.31 trillion (up-0.71% plus 3.16% and 14.65%, respectively), and its EPS will be 1.96 yuan (0.31 from the last forecast + 0.23 plus 0.21). According to the valuation of PE and PS, the target price is 35.54 yuan (the original 34.25 yuan, an increase of 3.77%) to maintain the increase.
The company is expected to open the second growth curve, superimpose the recovery of wind power business, and the future revenue growth may exceed expectations, relying on the strong card capacity and computing power dispatching ability and experience of the subsidiary run six feet.
Under the AIGC tide, the GPU needed for AI computing power is becoming more and more scarce, coupled with the fact that some of NVIDIA Corp's products have long been banned from being sold to the Chinese market, so the computing power leasing industry is hot. Run six feet, a newly established holding subsidiary of Hengrun Co., Ltd., is a provider specializing in GPU high-performance computing research and development, node construction and overall software and hardware solutions. It is far ahead in the layout and production progress of computing leasing. With the landing of a number of smart computing center projects and high-quality eastern and western computing nodes, it has laid a long-term foundation for the computing leasing business, while superimposing the business support contributed by the accelerated pace of sea breeze development. Overall future revenue growth will exceed expectations.
Core logic: computing leasing industry is in the ascendant, self-built data center not only has a high initial cost, but also will inevitably cause a lot of waste of computing power in the process of use, and computing leasing has become the best alternative. The development space of the computing power leasing market is huge, and it is expected that the global computing power scale will reach 3300EFlops in 2025, and the huge blue ocean market provides a broad space for the company's new business layout. In the context of the scarcity of GPU, the long-term relationship between six feet Technology and NVIDIA Corp has provided the greatest guarantee for the company to get a card and set up a network. At present, manual computing power is in a leading position among all computing leasing companies. The company actively participates in the implementation of the project, and cooperates with operators and local governments more and more deeply, and has a strong ability to get customers.
Catalyst: the delivery of the first 1000 P-level intelligence center in China, other intelligence center projects are making rapid progress? Risk hint: the industry competition aggravates the risk, and the market expansion falls short of the expected risk.